Category Archive: Uncategorized

Voluntary Benefits Are Growing

Voluntary benefits (benefits purchased at work) grew 9 percent in 2013.

Voluntary health product sales experienced a 13 percent increase from the prior year. Accident, critical illness and vision products grew by double-digits for the third straight year. Life insurance sales rebounded in the fourth quarter. Total life sales increased 14 percent in the fourth quarter to end the year up 2 percent. A survey of 800 employers revealed the impact of the Affordable Care Act (ACA.) Three out of four employers said they have changed or intend to change their medical plan design in the near future. Cost shifting is the most common strategy among the surveyed employers. Sixty percent said they have already or plan to increase employee contributions to the cost of coverage.

With cost shifting and other plan design changes, voluntary benefits become the best option for employees to maintain their overall insurance coverage. Research has found that more than 60 percent of employees prefer to buy health and life insurance benefits at work. Employees like using payroll deduction.

 

Permanent link to this article: http://www.cookandcookassociates.com/2014/07/24/voluntary-benefits-are-growing/

California Assembly Bill 1838 lets doctors graduate faster

State of California Governor Brown signed legislation recently that will allow students at accredited medical schools in California to complete their education in three years instead of four. The goal of Assembly Bill 1838 is to meet the high demand for doctors that has been created by federal health care reform. Accelerated educational programs focus on the achievement of individual and academic skills for students who demonstrate a high level of scientific and medical understanding. Currently California faces an extreme shortage of trained medical residents and physicians. The bill takes affect in January 2015. This bill is considered an important step in addressing California’s primary care physician shortage.

Permanent link to this article: http://www.cookandcookassociates.com/2014/07/24/california-assembly-bill-1838-lets-doctors-graduate-faster/

The High Cost of Turning 50

With people living longer these days, turning 50 no longer feels like a big deal.

We hear it all the time – 50 is the new 40, right?

In fact, many people look forward to their fifties, when they’re well established in their careers, their children are grown and they have more time to get out and enjoy life.

But did you know that there can be a high price to turning 50?

I’m not talking about wrinkles, aching joints or the price of enduring the occasional mid-life crisis.

I’m talking about the huge rise in insurance premiums.

Between the ages of 49 and 50, the cost of long-term care insurance takes a sizable jump.

Business Chart SkyrocketingThe best time to buy long-term care is before your good health or age changes.

50 may be the new 40, but it costs a lot more when you reach the big 5-0.

Now, I know what you’re saying:

“I’m perfectly healthy!  I don’t want to think about long-term care insurance in my forties.”

But the truth is, that’s exactly the time you should be thinking about it.  Before it gets too expensive.

The cost of long-term care is on the rise. In 2012, in San Diego County, the average cost of one year of care in a nursing home facility with a private room was $92,710.

And since 2012, that number has continued to rise by approximately 7% annually.

Imagine what it might cost when you actually need it. 

Staggering!

Think about it this way:

  • You wouldn’t think of being without home owners’ insurance, yet your chances of losing your home to fire is approximately 1 in 1,200.
  • You wouldn’t think of being without automobile insurance and yet your chances of being in an auto accident are approximately 1 in 280.

Why would you consider being without long-term care insurance when your chances of needing long-term care services after age 65 are approximately 3 in 5?

Financial planning involves much more than owning a house or saving for retirement.  It involves a complete strategy to ensure that your family and finances are protected – and the earlier you start, the better.

Photo via: Bigstock/msv

 

Permanent link to this article: http://www.cookandcookassociates.com/2014/05/28/the-high-cost-of-turning-50/

Covered California Creates Limited Special Enrollment Period For Californians Covered By COBRA

California consumers have a limited window to switch to an exchange plan through Covered California.  Beginning May 15, 2014 Covered California will offer a limited time special enrollment period for people who have COBRA health insurance, either federal COBRA or Cal-COBRA, and would like to switch to an exchange plan.  The window for this limited special enrollment period is from May 15, 2014 – July 15, 2014.

For some people who have COBRA or Cal-COBRA coverage currently, a Covered California Individual Market Plan MAY be preferable because of premium assistance and cost sharing reductions available through Covered California.  In some cases individuals and families can buy more affordable coverage in the Covered California exchange.  This limited special enrollment category is in addition to the regular qualifying life events special enrollment periods that allow consumers to get exchange coverage during a time when open enrollment is not available.  Other events in the special enrollment list of qualifying events include: losing coverage, having a child, getting married, and moving.

Permanent link to this article: http://www.cookandcookassociates.com/2014/05/16/covered-california-creates-limited-special-enrollment-period-for-californians-covered-by-cobra/

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